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SW Iowa | Without more details I'm going to guess that you own between 500 and 1000 acres of land out of the 2500 total. Maybe half of what you own is paid for free and clear. Talk to the guy first, but if he wants to take over, hand your rental contracts over to him, let him use your equipment for free for now and he can choose to buy it as he goes or buy elsewhere. In return he is the manager for the land you own. Let him decide if he would like a salary in the 60k range or if he would like shares in the land that you own. Unless you recently bought most of your land you should still be able to pay off your land debt over time. You can look at your numbers and adjust the plan for what makes sense, but I'm not sure if any salary can compensate for running someone else's farm with no firm transition plan for equity. | |
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Employee/Manager Salary?
